828 Pennsylvania Avenue, Miami Beach, FL 33139

Description of 828 Pennsylvania Avenue, Miami Beach, FL 33139

Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof put on in 2025. Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Cap Rate 4.5%, 2025 Effective Gross Income: $241,000, 2025 Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k Attractive multifamily 12-unit boutique property in the heart of the popular and highly desirable Flamingo Submarket of South Beach. Located two blocks away from the beach, the property is well-maintained and fully-leased. Brand new roof in 2025.Constructed in 1928 and partially renovated in 2024, the property has a rentable square footage of 5,862 and is situated on 0.16 acres of land, consisting of a unit mix of three studio and nine one-bedroom apartments with upgraded units featuring renovated bathrooms and kitchens with stainless steel appliances. Residents also benefit from the convenience of an on-site laundry facility. Units have a mix of wall and central air conditioning.The property offers an investor the opportunity to acquire an excellently located two-story Art Deco style building that reflects the charm of Miami Beach in a bygone era. In addition, the in-place renovations afford an investor the opportunity to raise rents immediately or continue to upgrade units and execute a value-added strategy.Cap Rate 4.5%, Effective Gross Income: $241,000, Net Operating Income: $140,700Pro Forma Cap Rate: 6.25%, Pro Forma EGI: $305,580, Pro Forma NOI: $200k

Property Details for 828 Pennsylvania Avenue, Miami Beach, FL 33139

Pool Private

No

Building Information for 828 Pennsylvania Avenue, Miami Beach, FL 33139

Building Area Total

6608

Building Area Units

Square Feet

Association

No

Property Information for 828 Pennsylvania Avenue, Miami Beach, FL 33139

Lot Size Square Feet

7,000

Waterfront

No

View

No

New Construction

No

Public Records for 828 Pennsylvania Avenue, Miami Beach, FL 33139

Parcel Number

02-42-03-009-1440

Tax Annual Amount

$39,072

Tax Year

2,024

Tax Legal Description

OCEAN BEACH ADD NO 3 PB 2-81 LOT 4 BLK 45 LOT SIZE 50.000 X 140 OR 23577-1431 07 2005 1

Zoning

3900

County Or Parish

Miami-Dade County

Location